The share price of Adani Ports & SEZ tumbled 2.46% to Rs 789.55 after the company posted results for the second quarter of FY24, during the intra-day trade on Thursday.

The Nifty Realty index surged by 1.80%, with the gains being led by Sobha, up by 5.61% at Rs 833.50, followed by Prestige Estates, up by 4.11% at Rs 867.60.

(Source: NSE)

The Nifty Auto index surged 1.01% during intra-day trading on Thursday. Mahindra & Mahindra and Hero MotoCorp led the gains, adding 5.14% and 2%, respectively.

JB Chemicals &Pharmaceuticals’ shares soared over 5% to hit a fresh 52-week high of Rs 1,536.25 a day after the company posted a 36% surge in profit after tax at Rs 151 crore in the second quarter of FY25 compared to Rs 111 crore in Q2FY23.

“Currently, the market is in a typical consolidation phase, with the Nifty index hovering within the critical resistance range of 19,450 – 19,500. The NSE Nifty 50 commenced trading at 19,457.40, registering a minor uptick of 0.07%. Simultaneously, the BSE Sensex opened at 65,025.32, gaining 49.71 points, signaling a positive start to the day. In the derivative market, the Nifty weekly contracts exhibit the highest open interest for Calls at 19,500 – 19,550 and for Puts at 19,300, whereas monthly contracts show the highest open interest for Calls at 19,500 and for Puts at 19,000. For potential buyers, a recommended entry point falls within the range of 19,400 – 19,450, with a suggested stop loss set at 19,375,” said Shrey Jain, Founder and CEO SAS Online.

PFC, CDSL, HDFC Bank, Reliance Industries and Adani Power are the most active stocks on the NSE.

The stock price of Rattan India soared nearly 6% to Rs 63.30 during the intra-day trade on Thursday. The northward trend came following the news that the company has bagged an order from Adani Green Energy (AGEL), India’s largest and one of the world’s leading renewable energy companies, for environment friendly electric motorcycles. Revolt Motors will supply the electric bikes for Adani Green’s corporate fleet, aligned to AGEL’s strategic priority to reduce its carbon footprint. This marks a pivotal moment in the transition to sustainable transportation solutions and reinforces the commitment of both companies to a greener, cleaner future, said the company in a regulatory filing.

(Source: NSE)

Share price of Mahindra & Mahindra soared 2.68% to Rs 1,527.30 during the early trade on Thursday.

“Nifty weekly contract has highest open interest at 19,500 for Calls and 19,300 for Puts while monthly contracts have highest open interest at 19,500 for Calls and 19,000 for Puts. Highest new OI addition was seen at 19,500 for Calls and 19,400 for Puts in weekly and at 19,500 for Calls and 19,400 for Puts in monthly contracts. FIIs increased their future index long position holdings by 2.40%, increased future index shorts by 3.20% and decrease in index options by 12.50% in Call longs, 12.50% in Call short, 21.63% in Put longs and 31.39% in Put shorts,” said Anand James, Chief Market Strategist at Geojit Financial Services.

“The favourable market texture continues with declining bond yields in the US ( 10- year yield is at 4.48%) and Brent crude dipping below $80. The resilience of the market is forcing the FIIs to substantially reduce their selling which dwindled to Rs 85 crores yesterday. The FOMO ( Fear of Missing Out) factor is likely to restrain the FIIs from aggressive selling. This will be favourable for the financial sector which has been bearing the brunt of FII selling. While declining crude is a positive for India it also is indicative of the slowing global economy. The three drivers of the global economy – US, China and the Euro Zone – are likely to struggle in CY 24. Even though India is outperforming now, it would be difficult for India to completely decouple from this global slowdown. Therefore, Investors may focus on domestic demand driven sectors like banking and automobiles. A safe bet now is quality pharmaceutical stocks which are exhibiting resilience,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

BPCL, Mahindra & Mahindra, Adani Ports, Apollo Hospitals and Larsen & Toubro are the top gainers on the NSE during the early trade on Thursday.

The NSE Nifty 50 opened at 19,457.40 up 0.07%, while the BSE Sensex opened at 65,025.32 up 49.71 points.

“Crude oil prices have experienced a significant downturn, plummeting by nearly 10% over the past 8 days. On Wednesday, the price of Brent crude dropped below $80 per barrel for the first time since July, driven by mounting concerns about demand due to the lackluster economic outlook in China and Europe. Projections from the EIA indicate that US crude production will see a slight increase this year, falling slightly below earlier expectations. However, there’s an anticipated decline in petroleum consumption by 300,000 barrels per day (bpd), which contrasts sharply with the previous forecast of a 100,000-bpd increase. This shift has been intensified by a notable decrease in Chinese imports, further exacerbating worries about oil demand. Consequently, this triggered a significant selloff in the crude oil market. Recession fears within the Eurozone have also exerted pressure on crude oil prices. Expectations suggest that crude oil prices will likely continue to be volatile in the present session. The support levels for crude oil stand at $74.30–73.50, with resistance identified at $76.10-76.80 in today’s trading session. In terms of the INR, crude oil has support around Rs 6,200-6,120 and faces resistance at Rs 6,365-6,440,” said Rahul Kalantri, VP Commodities, Mehta Equities.

“Nifty is witnessing early upward momentum and appears to be the standout bullish Diwali theme in town, largely unaffected by relentless selling from FIIs. However, the likelihood of this pressure jeopardizing Nifty’s recent optimism seems slim, given its standing as a standout bullish theme. Encouragingly, WTI crude oil futures have reached a three-month low at $75 per barrel, despite signals of supply cuts from Saudi and Russia, setting Nifty’s targets at 19,500 and possibly 19,789. Traders are increasingly confident that the Federal Reserve has concluded its historic tightening cycle, with expectations leaning towards a rate cut in June. Yet, with all eyes on Fed Chair Powell’s upcoming speech, more aggressive traders might prefer a cautious stance. Technically, sustained selling below the Nifty 19,221 level could make the benchmark vulnerable. Nifty’s options data hints at a probable trading range of 18,900-19,700, with 19,600 remaining a crucial resistance zone. As Q2 results from various companies like Adani Ports, Aurobindo Pharma, Bosch, and others are set to be revealed today, the overall sentiment suggests Nifty will likely continue to shine amid the welcome decline in oil prices,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

The NSE has added Delta Corp and Gujarat Narmada Valley Fertilizers and Chemicals to its F&O ban list for November 9, 2023.

Foreign institutional investors (FII) offloaded shares worth net Rs 84.55 crore, while domestic institutional investors (DII) added shares worth net Rs 524.47 crore on November 8, 2023, according to the provisional data available on the NSE.

WTI crude prices are trading at $5.95 up 0.82%, while Brent crude prices are trading at $80.11 up 0.72%, on Thursday morning. 

The S&P 500 and Nasdaq eked out small gains on Wednesday to extend their recent winning streaks as investors weighed Federal Reserve officials’ recent comments for signals on the path of interest rates and focused on the direction of Treasury yields, reported Reuters. The tech-heavy Nasdaq Composite added 10.56 points or 0.08% at 13,650.41. The S&P 500 rose 4.40 points or 0.10 % at 4,382.78, while the Dow Jones Industrial Average advanced 40.33 points or 0.12% to 34,112.27.